Australian Stocks Slide Amid Oil Price Surge and Hawkish RBA Warning

Australian stocks began the week on a down note as oil prices surged following Yemen's Houthis striking Saudi Arabia's capital, Riyadh.

The ASX200 index fell 24 points to around 8,705, marking its second subdued session. Reserve Bank of Australia Governor Michele Bullock struck a hawkish tone in parliament, warning that inflation remains high and upside risks are materialising.

This kept the risk of further rate hikes alive, but losses were capped by a notable rise in US stock futures. Investors also focused on Thursday's bilateral summit between US President Trump and Chinese leader Xi Jinping at the White House.

The healthcare, non-energy minerals, and industrials sectors led declines, while consumer durables, utilities, and technology provided some offset. Two of the four major banks slipped, with Nextdc Ltd., Xero Ltd., and Reece Ltd. posting notable losses.